Today the focus is on US gas prices, Boeing’s last settlement, and Biden’s budget plans.
The US Personal Spending (MoM) for April will be released. Forecast: 0.5%. If the data is lower than expected, the USD could receive negative pressure.
Assets to trade: AUD/USD, NZD/USD, USD/CHF
Exxon Mobil is possibly heading in a new direction as pressure mounting from investors like hedge fund Engine No. 1, has forced management to review their goals and plans for the future. Affects Exxon Mobil
U.S. President Joe Biden will unveil his plans to spend trillions on infrastructure, childcare, and other public works. Affects USD
U.S. motorists will see the highest gasoline prices in seven years when they hit the roads this Memorial Day weekend, the traditional start of the summer driving season, as fuel demand surges alongside coronavirus vaccination rates. Affects Brent
The number of Americans filing new claims for unemployment benefits dropped more than expected last week as layoffs subsided, with companies desperate for workers to meet surging demand unleashed by a rapidly reopening economy. Affects S&P 500
Boeing Co will pay $17 million in penalties under a Federal Aviation Administration settlement after it installed equipment on 759 Boeing 737 MAX and NG aircraft that contained sensors that were not approved, the FAA said on Thursday. Affects Boeing
The dollar has lost and regained ground against a handful of currencies as inflation, and job vacancy concerns continue to plague the US even as jobless claims decrease. Both economies are racing to reopen, locking them in the current channel, but Biden’s new plans could push the pair back down.
The pair is trading within a channel and highs continue to fall, prices will likely reflect downward off of the resistance level
Prices are testing the middle support level and could bounce upward.
The index has shown a Three Outside Up pattern into the resistance around 2269, the trend could have enough momentum to break the line.